A Lafayette firm is taking an interest in north Baton Rouge, purchasing four apartment complexes as investment properties for approximately $2.4 million.
The complexes purchased by JCD FP LLC are: Rosenwald Place, 1188 Rosenwald Road; Sycamore Court, 5021 McClelland Drive; Evangeline Place, 4747 Annette St.; and a 20-unit complex at 6880 Hanks Drive. JCD FP is controlled by JCD Family Property Holdings of Lafayette, according to filings with the Louisiana Secretary of State. Broker/agent Beau Bourque of Trahan Real Estate Group represented JCD in the deal.
The sellers were BMW Holdings LLC and Louisiana Powerplay LLC, which each sold two of the complexes and are both controlled by Jarrett S. Womack of Baton Rouge, according to the Secretary of State.
With 36 units, Rosenwald Place is the largest complex and it sold for the most, at roughly $1.2 million. Troy Daigle of NAI Latter & Blum-Donnie Jarreau , represented the seller, whom he says owned the apartments for 10 years and was ready to liquidate them.
“There’s a real need for this housing,” he says, adding all of the properties have market rate rents and are unsubsidized. “All the complexes are 95 to 100 percent occupied, so it was a good time to sell. There was a demand because there was a lot of flooding in that area.”
More residential complexes have come online or been purchased in north Baton Rouge as efforts to revitalize the area have gained traction. Among them, a Kentucky development group is planning to bring a 180-unit affordable housing complex to the corner of Plank Road and Airline Highway. And a Tennessee developer is planning to build a $44 million, 380-unit senior living center and multifamily apartment complex on Howell Boulevard.
Daigle also recently assisted in the sale of apartment complexes at 10032 Avenue I and 10025 Avenue H, just north of Southern University. BMW Holdings sold the properties to RBM Properties LLC for $549,000.
